Alpari has decided to move all of its clients from the Cyprus regulated office to the FSA UK operation. The existing clients have been given a timeline till 8th February, 2013 to accommodate according to the changes. The news was announced by the Chief Executive Officer of Alpari, Daniel Skowronski, through a press conference.
While announcing this decision, Daniel stated that this movement will ensure financial benefits for all its clients. Incidentally, the biggest shareholder in Alpari, Andrey Dasin launched a new broker called ForexTime, earlier on December. ForexTime, which is going to be a Cyprus based broker, is nothing but a rebranded version of the Nigerian website of Alpari. Many predict that with the Cyprus office closing down, all the existing buildings of the company in Cyprus will now be used by ForexTime for its daily operations.
Incidentally, this decision has been announced to be a strategic one by the officials of Alpari which is one of the leading providers of online foreign exchange trading service across the world. During the official press conference, Daniel also added that this decision was taken after realizing the scalable benefits of moving to UK. This move will also provide the clients with an even better trading experience. The existing clients, if they decide to move to UK, will be able to trade on the familiar platform itself. The product sets will also be same with exact same terms and conditions. The security for the clients is expected to be much better as under the Financial Services Compensation Scheme of UK, they can protect funds up to £50,000. This is better than what security they get in Cyprus of 20,000 Euros. During the press conference, Daniel also confirmed that all of Alpari’s operations in Cyprus will be closed after this movement.
Before the movement, the clients have two options with their existing client accounts with this trading service: they can either open a new account in Alpari UK so that all of the existing credit in the current Alpari Cyprus account is moved to the same. Otherwise, the clients can also close their existing account with Alpari Cyprus and withdraw their balance from the same. The clients of the company are now being formally informed of these changes in the company with detailed instructions on what to be done, no matter which option they choose.